On Monday, the EUR/USD surged back up to the 1.1200 level.
In general, the surge was caused by the support of the 1.1130 level, which had been held back by the 1.1180 level. It indicates that round price levels are impacting the pair.Economic Calendar Analysis
The week's data releases will start on Tuesday at 15:00 GMT. The US ISM Non-Manufacturing PMI will be released at that time. This event has caused moves from 9.7 to 36.5 pips on the EUR/USD.On Wednesday, the ADP Non-Farm Employment Change is scheduled to be released at 13:15 GMT. Dukascopy analytics dropped the cover of the ADP due to it not causing increases of volatility.
However, the last release caused a move on the EUR/USD above ten pips. It is the criteria whether to take or not take into account a data release.
The week will end with the three US employment data sets being published at 13:30 GMT. Since August 2019, the EUR/USD has moved from 14.5 to 41.4 pips on the release.
The week's scheduled event historical data tables have been published. Click on the link below to read the article.
Read More: 06.01-10.01 Event Historical Reactions
EUR/USD hourly chart's review
By the middle of the day's London trading hours, the EUR/USD had reached the 1.1200 level.If this level does not hold, the rate would reach for the weekly R1 pivot point at 1.1226. On the other hand, the 1.1200 could cause a retracement back down. In this case the 100-hour SMA at 1.1190 would provide support.
Hourly Chart
On Thursday, we wrote how the daily chart indicates that the rate is overbought due to daily simple moving averages being left below.
On Friday, the rate's decline partially got rid of the overbought pressure. Namely, the rate dropped below the 200-day SMA.
Daily chart
Read More: Technical Analysis
Sentiment remains unchanged
Since Friday, 74% of open EUR/USD position volume on the Swiss Foreign Exchange has been in short positions.
Meanwhile, most of set up pending orders were set to sell, as 80% of orders in the 100-pip range were to sell and 20% were to buy on Monday.
On Friday, 77% of orders were to sell.